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AGA Examination 3: Governmental Financial Management and Control (GFMC) - GFMC Exam Practice Test

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Total 117 questions

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Question 1

The ratios used to determine an organization's ability to meet its creditor's demands are

A. budgetary cushion ratios. B. debt burden ratios. C. turnover ratios. D. liquidity ratios.

Correct Answer: D

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Question 2

A city parks department is selecting a contractor to renovate a community playground. Which of the following contractors should be selected?

A. The contractor with the lowest bid who has a history of delayed projects. B. The contractor with the highest bid, who includes luxury, non-requested upgrades to the design. C. The contractor with the second-lowest bid, who has no prior violations and meets all bid specifications. D. The contractor whose bid was submitted past the deadline but offers a discount for early payment.

Correct Answer: C

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Question 3

All of the following represent selection criteria used to make contract awards EXCEPT contractor

A. financial position. B. past performance records. C. staff expertise. D. union affiliations.

Correct Answer: D

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Question 4

A township wants to buy a new piece of equipment that will reduce costs by $20,550 at the end of year 2. If the township could invest its funds at a rate of 10%, what is the most the township should spend now to get the return it desires?

A. $20,550 B. $16,440 C. $16,983 D. $18,495

Correct Answer: C

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Question 5

The Prompt Payment Act requires federal agencies to pay

A. invoices no later than 60 days after receipt of the invoice. B. invoices immediately when received. C. interest on intragovernmental invoices. D. interest when an invoice is paid late.

Correct Answer: D

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Question 6

The main objective of the Cash Management Improvement Act is to require

A. federal agencies to take discounts when available and cost-effective. B. states to minimize the time elapsing between funds drawn and their final disposition. C. federal agencies to disburse payments via electronic funds transfer. D. states to pay invoices within 30 days of receipt of a proper invoice.

Correct Answer: B

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Question 7

The first step in the internal control evaluation process is

A. documenting how transactions of events are processed. B. identifying potential risks. C. assessing the adequacy of controls. D. identifying the effectiveness of management activities.

Correct Answer: B

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Question 8

A key element in coputer-assisted audit techniques is

A. writing the system audit program. B. verifying internal controls. C. purchasing data mining software. D. obtaining appropriate data.

Correct Answer: D

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Page: 1 / 15
Total 117 questions

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